🟣TradeXYZ losing momentum? After a record of nearly $37 billion in weekly volume in early August, volumes on TradeXYZ’s markets fell back to around $13 billion in September. Should this be seen as a genuine loss of interest in the protocol? In our view, this drop in activity is mainly the result of a deliberate choice made since launch, namely to let volumes grow organically. @tradexyz has never launched public incentives to attract traders. Without any farming period, virtually no one comes to trade on its HIP-3 markets solely in the hope of one day receiving a reward. Volumes therefore directly reflect what users want to trade, and how the market behaves. And since its user base is largely crypto-native, its behavior follows a fairly simple logic: ◻️ When expected volatility is higher in crypto than in TradFi, traders stay on their usual assets and neglect the HIP-3 markets. ◻️ When the opposite is true, and TradFi promises more future volatility, they come to trade on TradeXYZ’s markets. This is exactly what our infographic has shown since the beginning of the year. At the end of January, bitcoin:native drops from nearly $97,000 to $65,000, then settles into a range with no real prospect of an upside in the short term. Traders then go looking for volatility elsewhere, in narratives that have nothing to do with crypto, starting with AI-related stocks, whose performance captured the market’s full attention. As a result, TradeXYZ’s volumes go from barely $1 billion per week to more than $15 billion. The same scenario repeats itself in early June. bitcoin:native falls back toward $60,000 and remains stuck there all summer, even hitting its yearly low around $58,000 at the end of June. While crypto struggles to find a catalyst, the protocol’s volumes climb without interruption up to their early August record (11 consecutive weeks above $20 billion in volume). In mid-August, the trend reverses. bitcoin:native climbs back above $75,000 and then pushes toward $87,000 at the end of September. Crypto once again becomes the most volatile arena, and TradeXYZ’s volumes promptly fall back to around $13 billion. Even though TradeXYZ maintains a volume base well above that of the start of the year, proof that some users stay for the quality of the product, the 24/7 accessibility and the liquidity depth of its markets, traders above all go where future volatility is greatest. The challenge for TradeXYZ is therefore to remain competitive against protocols that use incentives to boost their adoption and their metrics. One of its best assets is precisely to offer the best markets, at the right time, by anticipating where volatility will be in the months ahead.

🟣 7.3 billion $PAPER have been issued by Papertrade. But how is the supply currently distributed? Launched 4 days ago on HyperEVM, @papertrade_xyz has recorded more than $1T in volume, with open interest peaking at 10.1B. On Papertrade, $PAPER can only be obtained by losing a trade or by getting liquidated. Traders currently show a net loss of $46M, and 7.30 billion $PAPER have been minted. For now, the token’s only utility lies in staking, which allows holders to receive a share of the fees generated by the protocol. To date, more than $38M has already been paid out to stakers. We therefore wondered how this supply was distributed: ◻️ Nearly half of the wallets (49.7%) hold fewer than 10,000 PAPER, and the 1,000 – 10,000 bracket alone accounts for more than a third of holders (35.1%). ◻️ 856 wallets exceed one million PAPER. At the maximum emission rate of 100 PAPER per dollar lost, that represents at least $10,000 in losses each (not counting staking rewards, which, for the most part, allowed them to cover their losses). ◻️ The largest wallet holds around 252M PAPER, or 3.5% of the current total supply. ◻️ 99.2% of the supply is staked, a figure to be put into perspective since transfers are still disabled and staking is currently the token’s only utility. It remains to be seen how this distribution will evolve when transfers open, and above all how the platform will continue to generate enough fees to guarantee staking rewards attractive enough to cover traders’ potential losses. ⚠️The metrics that we used are those from 14/10 at 17:30. Please note that these metrics are likely to change significantly over the coming days.